Covid-19 affects all parts of my life as a mother, daughter and bank manager, and I can tell you that. And I’m sure this historical period will also affect your life.
Of course, our main task is to protect our own and our loved ones’ health. However, the effects of economic shutdowns are being felt by many people across the country. Many people have been laid off unexpectedly, and there is great concern about what the coming weeks and months may bring.
When it comes to our financial health and requirements, we can concentrate on control. So in these uncertain and difficult times, I would like to suggest five things we can all do today:
Make a list of the invoices and creditors that will help you.
You are not alone if you can not pay all your bills on time nowadays. Make a list of the creditors you need to notify, such as your car loan provider, credit card provider and mortgage provider. Check if they allow customers to defer payments or waive fees. Many companies, like mine, are dealing with consumers who have told us they can not pay their bills.
Start by looking at companies’ websites – many have made it easy to sign up for utilities as phone holding times can be very long nowadays. Check if participating in any utilities will affect your credit score.
Examine your cash and credit options.
Knowing how much money you have in your credit cards and your bank accounts gives you an idea of how much you will be able to borrow if you need it. This alarm clock is not nice, but it is important.
Keep track of your expenses and make adjustments to your budget.
We may spend money on things we did not plan, but we also save money on things we do not need. I miss fixing my hair and nails and having dinner at my favourite restaurant. So keep track of everything you buy – and everything you used to buy. You might be doing one for the first time.
Keep an eye on your credit report and take steps to preserve it.
Some choices you make today may have a greater impact on your credit rating than others. Put your hands on the most crucial. Many free programs are available to help you keep track of your credit score each month. Refinancing your home to get a cheaper interest rate is important to keep an eye on your score.
Lookout for fraudsters.
You can count on fraudsters to emerge from the shadows when a crisis occurs. Check out the Federal Trade Commission’s tips for keeping up to date on the latest scams. Any messages, emails or social media inquiries should be double-checked, especially if they refer to covid-19 or your government incentive payment. Also, keep in mind that if Chase or other major banks contact you. Check with your older relatives, as bad actors often target our parents and grandparents